Type:
Bearish Reversal
Key Levels:
Resistance: 0.70056
Pivot: 0.6987
Support: 0.6923
Preferred Case:
Prices are at a pivot. We see the potential for a pullback from our Pivot at 0.6987 which is an area of Fibonacci confluences towards our 1st support at 0.6923 in line with 23.6% Fibonacci retracement. Divergence is spotted on RSI, further supporting our bearish bias.
Alternative Scenario:
Alternatively, prices may climb towards our 1st resistance at 0.70056
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.